§ 27-c. Appropriations to the aggregate trust fund. 1.
Notwithstanding any other provision of law, the aggregate trust fund,
hereinafter referred to as the fund, and all state officers with
responsibility for the custody or investment of such fund or of its
assets, shall annually, no later than November first in each year,
submit to the director of the budget a request for an appropriation of
one hundred sixty million dollars. The governor shall include such
amount in a budget bill for the next state fiscal year. The state
comptroller shall encumber the amount so appropriated before the end of
the fiscal year for which any such appropriation is made. If for any
fiscal year commencing on or after April first, nineteen hundred
eighty-three, the governor fails to submit a budget bill containing an
appropriation in the amount requested by the fund or the legislature
fails to appropriate the amount in a budget bill submitted by the
governor for such fiscal year, the amount appropriated for and
encumbered during the preceding fiscal year shall be payable forthwith
to the fund on the first day of July of such year in the manner
prescribed by law, provided, however, that such amount shall not exceed
the amount of moneys transferred to the general fund by the fund
pursuant to the provisions of chapter fifty-five of the laws of nineteen
hundred eighty-two and chapter seven of the laws of nineteen hundred
eighty-nine.

2. Notwithstanding any other provision of law, the fund and all state
officers with responsibility for the custody or investment of such fund
or of its assets shall annually, no later than November first in each
year, submit to the director of the budget the fund's additional request
for an appropriation of sixty million dollars and the governor shall
include such additional amount in a budget bill for the next state
fiscal year. The state comptroller shall encumber the amount so
appropriated before the end of the fiscal year for which any such
appropriation is made. If for any fiscal year commencing on or after
April first, nineteen hundred ninety the governor fails to submit a
budget bill containing an appropriation in the amount requested by the
fund or the legislature fails to appropriate the amount in a budget bill
submitted by the governor for such fiscal year, the amount appropriated
for and encumbered during the preceding fiscal year shall be payable
forthwith to the fund on the first day of July of such year in the
manner prescribed by law, provided, however, that such amount shall not
exceed the amount of moneys transferred to the general fund by the fund
pursuant to the provisions of a chapter of the laws of nineteen hundred
eighty-nine.

3. It is hereby found and declared that any appropriation made as
provided for in subdivision one or two of this section shall be deemed
an admitted asset of the aggregate trust fund, and that any transfer of
moneys by the fund to the general fund in accordance with the provisions
of chapter fifty-five of the laws of nineteen hundred eighty-two,
chapter seven of the laws of nineteen hundred eighty-nine or a chapter
of the laws of nineteen hundred eighty-nine is deemed a proper and
prudent legal undertaking for any state officer with the responsibility
for the custody or the investment of the assets of the fund,
notwithstanding any other provision of law to the contrary.